Argentina and the Frog

Argentina and the Frog

Like many classic fables, the story of the frog and the scorpion can be traced back to many cultures, each with their own twist.  Aesop’s version is here. A scorpion and a frog meet on the bank of a stream and the scorpion asks the frog to carry him across on its back. The frog asks, “How do I know you won’t sting me?” The scorpion says, “Because if I do, I will die too.” Argentina was once the rising star of the global economy.  By 1913 it was the world’s 10th wealthiest country per capita owing to abundant natural resources and governance that emphasized economic growth.  After a military takeover in 1930, Argentina experienced constant political change.  From 1930 to 1983, the country averaged a new president every two years.  Argentina defaulted on its international debt in 1956, 1989, 2001, and 2014.  The 2001 default resulted in a highly…

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March Madness and a Special Dispensation in Cleveland

A quick update today as March Madness takes hold and Cleveland prepares for St. Patty’s Day.  How big is St. Patrick’s Day in Cleveland?  The Catholic Diocese of Cleveland issued a notice regarding corned beef and Lent.  My Catholic friends are encouraged to enjoy corned beef and perform a work of mercy rather than abstain from meat. Fed The Federal Reserve raised rates by 25bps.  The decision was nearly unanimous with the lone dissent being hometown boy Neel Kashkari.  Kashkari is a Northeast Ohio native and scary smart.  I think his dissent was more to attract attention to a political issue (economic inequality) rather than an actual desire to hold rates.  He has run for public office before (governor of California, no less!) and I think he will again.   The community that is smart enough to elect him will be very lucky.  I don’t agree with all of his…